AJOT | May 31, 2022 | Energy
Permian oil production growth is set to outpace OPEC heavyweight Iraq this year and next as demand for oil surges on historically tight supply, Rystad Energy research shows. Total oil output from the Permian, including both conventional and unconventional, is forecast to grow by almost 1 million barrels per day (bpd) this year, jumping from 4.7 million to 5.6 million bpd, before climbing further to around 6.5 million bpd in 2023. By contrast, Iraq’s output will grow by some 600,000 bpd in 2022 and 400,000 in 2023.
